Penske Automotive Group announced Monday its acquisition of a Land Rover dealership in what the company considers a key strategic market in the Northeast. The dealership — located in Darien, Conn. — is expected to generate an estimated $50 million in annual revenue. Robert Kurnick, Jr., president of Penske Automotive Group, believes the acquisition is […] [Read More]

There are likely to be hefty volumes of off-lease cars pouring into wholesale markets this year, and a new program announced Tuesday by ADESA is designed to foster greater confidence among dealers when they buy these cars online. ADESA Assurance is a buyer protection program that gives buying dealers a no-questions-asked return guarantee on selected […] [Read More]

As Black Book personnel visited and watched over 70 auctions last week, market insight reflected the approaching tax season as Black Book editorial director Ricky Beggs reported prices are strong, and of course, “the tax season favorites are getting sold.” As many dealers are tracking, the IRS began accepting tax returns on Jan. 20 — and […] [Read More]

Although not expected to be as dramatic (percentage-wise) as the increase in off-lease volumes this year,  the supply of late-model off-rental vehicles will likely show “nice steady growth” in 2015, including what Tom Webb describes as a “diverse mix of vehicles.”  “And — probably very exciting for franchised dealers — in 2015, for the first […] [Read More]

Manheim Riverside plans on closing out the month of January with a bang via its One Hundred Grander Sale on Wednesday. Beginning at 3 p.m. PST, lanes one and two will feature more than 100 vehicles listing for $100,000 or more. The sale will include vehicles from several luxury brands, including Aston Martin, Bentley, Ferrari, […] [Read More]

The U.S. is coming off of its fourth straight record year of CPO sales, and the certified market continues to grow in Canada, as well. Automakers such as Audi Canada and Volkswagen Canada tracked record CPO months right and left this past year, while the U.S. market achieved 2.34 million certified sales in 2014, which […] [Read More]

Within a year of settling charges with the Federal Trade Commission, Consumer Portfolio Services is now dealing with matters from the U.S. Department of Justice. The subprime auto finance company said in a filing with the Securities and Exchange Commission last week that it received a civil investigative subpoena pursuant to the Financial Institutions Reform, […] [Read More]

According to the 2015 Manheim Used Car Market Report, total repossessions increased by 8 percent in 2014 to an estimated figure of 1.48 million. In the coming years, Manheim projects that the increases will likely be more substantial, but not necessarily because finance company portfolios will be worth less than the paper on which their […] [Read More]

DealerRater has announced the winners of its 2015 Dealer of the Year Award program based on consumer reviews of their dealership experiences shared on DealerRater.com. The highest scoring dealership in Canada — Bank Street Hyundai in Ottawa, Ontario — was awarded the 2015 Canadian Dealer of the Year award, scoring 4.781 out of 5 on […] [Read More]

There is likely to be nearly 3 million used-vehicle sales this month, according to TrueCar, which said in an analysis released Monday that this would be close to a 6-percent gain from January 2014 numbers. Specifically, TrueCar expects there will be a combined 2,921,002 used sales between independent dealers, franchised dealers and private-party transactions in […] [Read More]